There’s a serious chance of the biggest wealth distribution in modern times happening this week. The shorts and getting short squeezed: the market makers are getting Gamma squeezed on GameStop stock (ticker $GME). The fact that you can only place a limit sell order at 200% of current stock price quite simply isn’t good enough. It’s my money in my shares. I should be able to set any sell price I want. As well as paying you guys for plus just so I could set limit orders to begin with (trading212 do it for free btw). Up the limit to 1000% at least please although there really shouldn’t be any limit. The last time a short squeeze like this happened Volkswagon was the most valuable company in the world for a few breif moments hence why limit orders are so important. $GME shares already up 50% pre-market and in Frankfurt.
I just placed a limit order at 8000%. You might want to describe your problem in further detail.
Ahhh does it let you place higher limit orders during actual market hours? If so that is sweet
A limit with drivewealth maybe in how the handle out of hours orders?
I see what you mean about the 200% thing with US shares. I tried a UK one. It does mention outside of market hours so presumably the limit doesn’t exist when the market opens
Possible, i’ll try as soon as the NYSE opens, cheers Eden
I don’t know about your limit order issue. But this is going to be interesting to watch when market opens. I agree this is going to be a massive wealth distribution event just note that it is not going to be evenly distributed, a lot of innocent accounts will be hurting by end of the week, so good luck.
The squeeze has not squooze yet …
While the squeeze may propel it much higher, it won’t go up forever, and it probably won’t stay there long. Someone is going to end up holding the bag. Be careful
T212 has restrictions too.
For majority of the stocks it’s set at 30-40% difference from the current price for both buy and sell limits.
Users see the following:
I bought in at $16 so I should be fine, fair value for this is probably around $70 minimum short term if people believe Ryan Cohan can transform its E-commerce. Thanks for the warning regardless.
I haven’t even bought the damn thing. I like long term investing not short term gambling. I am almost 900% up in Tesla and havent sold a single share. I am still buying
The hedges have to buy 140% of the available shares on the market. They will be buying our shares in the squeeze. They are the bag holder. That is the point.
Why are the Limit Orders for UK different from US Limit Orders?
Seems like the UK version is a “Market Order”.
Nope, a limit order is the same for UK and US i.e. orders will execute when the price reaches a set limit price.
This thread is completely different to what you are asking here.
What’s your question exactly?
Do you see under the the UK version, it says
Limit Order - a market order that will attempt to execute when the price reaches a set limit price. The order would only execute at or better than the limit price.
The US versions says:
Limit Order - available for whole shares only, limit orders will execute when the price reaches a set limit price. The order would only execute at or better than the limit price.
Market Orders are not the same as Limit Orders.
Edit - See:
“Market orders are vulnerable to slippage — the unfavorable change in price that may occur when matching with multiple orders in the order book.”
This is the important part that emphasises this is a limit order.
I see the confusion and the wording in the article could be better.
“ Limit Order - a market order that will attempt to execute when the price reaches a set limit price.” it’s not literally a market order.
A market order, limit order, stop loss and other order types don’t mean different from one exchange to the next.
It’s still not relevant to this thread and either a question for support to change the wording or warrants a new thread for further discussion.
Are you or have you seen any issues with limit orders between UK and US? Is so then please report that and the community or support will help you.
As previously stated - a Market Order is different to a Limit Order (and both have their advantages and disadvantages). Here’s an explanation on YT:
The UK version says in the first few words that it is a “market order”.
So… is this a Market Order or a Limit Order?
In terms of GME if you’re looking to get a high price during the MOASS, but it’s a Market Order, you could be filled at a much reduced price than the one you entered to sell at. This is why it matters.
I don’t know about the wording, but I’ve used UK limit orders and they seem to behave as expected. But I guess I might just have experienced “favourable market conditions”.
GME will have very volatile price action during the MOASS. There will be “gaps” where the price will jump either up or down very quickly, as sell orders are filled.
Potentially, you could put a sell price in of 10,000 but be filled at 5,000, because of these jumps - especially if it’s a “Market Order” (See video).
If you’re happy with that, then great!
I’m just trying to clarify, as the Freetrade page seems confusing. I’d rather know I’m going to get the price I’m looking for (or better), with a Limit Order.